Influencer marketing is a form of social media marketing that compensates individuals, known as influencers, to endorse or mention their product or service (Chen, 2022). Influencer marketing is successful because of the high levels of credibility that social media influencers build for themselves. The influencer marketing industry continues to grow rapidly. There continues to be new job opportunities for public relations and marketing professionals to enter the industry at influencer marketing agencies. The purpose of influencer marketing agencies is to manage influencers and connect brands to influencers that successfully promote their product or service to their audience.
4 Facts about the Influencer Marketing Industry
1. The influencer marketing industry is set to grow to approximately $21.1 billion in 2013 (Geyser, 2023).
Since COVID-19, there has been a rapid emergence of influencers. Influencers can range from micro-influencers, who have a following between 1,000 to 100,000 people, to influencers that have millions of followers across different platforms. There are upwards of 800,000 influencers in the United States, so the importance of influencer marketing agencies to connect brands to these influencers is booming.
2. There are a variety of positions at an influencer marketing agency.
A common entry-level position in this industry is a strategist or a junior strategist. Strategists typically develop new content ideas, develop proposals, create contracts, and analyze feedback and current trends. There are also brand partnership managers who build and maintain relationships with brands, influencers, and advertisers. Account managers and executives are also integral positions in the agency because they act as liaisons between the executive team and clients to ensure that strategy is executed successfully to meet clients’ goals. There are also positions in social media content creation and customer relationship management.
3. The average entry-level salary for influencer marketing positions is $50,000.
The day-to-day life of entry-level influencer marketing specialists includes strategizing for campaigns, content ideation, identifying trends, measuring campaign results, building reports, connecting influencers with appropriate brands for their audience, and creating and executing events. Working in influencer marketing is a valuable career for those who are creative, problem-solvers, and efficient communicators.
4. There are four types of influencers.
The types of influencers are based on the size of the audience. Nano-influencers have 10,000 followers on a social media platform or fewer. Micro-influencers have 10,000 to 100,000 followers on a platform. Next, there are macro-influencers who have a following of 100,000 to 1 million on a single platform. Lastly, there are mega-influencers who have 1+ million followers on a single platform. The bigger the following of an influencer, the more a brand will have to compensate the individual for promoting their product or service. Compensation can be free trips, free merchandise, or most commonly, monetary compensation. Typically for nano- and micro-influencers, a brand will compensate them by sending them free samples of their products to promote. Mega-influencers can make $40,000 to $70,000 per post on their accounts. The responsibility of the influencer marketing agencies is to create contracts and guidelines for the influencer and the brand.